Shahbaz holding meetings to bring more Chinese money


Punjab Chief Minister Shahbaz Sharif has said that the completion of Giddani and Gwadar projects with the cooperation of China is the top priority of Prime Minister Nawaz Sharif and invited investment by China in other sectors as well.

Addressing a meeting in Beijing on Monday, the Shahbaz said that Giddani and Gwadar projects will help in overcoming the energy crisis in Pakistan, besides increasing exports and creating job opportunities.

He said that the development package of $32 billion is a proof of the fact that Chinese leaders have full confidence in the present Pakistani leadership. He said that China knows that the incumbent Pakistani leadership is committed to progress and development of the country and considers the national exchequer as a sacred trust.

During the visit, Shahbaz met senior officials of China Development Bank and ICBC.

He said that Pakistan is presently facing a shortage of 6,000 megawatts of electricity and its demand is likely to increase in the future. He said that increase in demand of electricity will provide a good opportunity to foreign investors for investment in Pakistan. He said that foreign investors will not only have the state’s guarantee regarding the sale of electricity, they will also not be restricted to take their profits back to their country.

Sharif said that Chinese investors should also invest in textile and garment sectors in Pakistan as the production cost will be low due to the availability of cheap labour. He said that Pakistan’s export potential has considerably increased after the country was granted GSP Plus status. He invited Chinese banks to open their branches in Pakistan, assuring them that all facilities would be provided to them for the purpose.

Speaking on the occasion, the ICBC chairman said that Chinese investors want to invest in Pakistan and Chinese financial institutions are ready to give them the facility of loans.